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Targeted Compliance Reviews

The ERA monitors Rule Participants' compliance with the Market Rules and Market Procedures, investigates potential breaches, and takes enforcement action where appropriate.

The ERA uses a range of tools and mechanisms to monitor Market Participants’ compliance with the Market Rules and Market Procedures, including targeted compliance reviews.

Targeted compliance reviews are intended to complement broader compliance monitoring activities.  As part of these reviews, the ERA will qualitatively and quantitatively assess Market Participants’ compliance with specific obligations under the Market Rules and Market Procedures.

Depending on the nature of the obligation being reviewed, these reviews may involve the following:

  • writing to Market Participants and requesting information, including copies of policies and procedures, that demonstrate how the Market Participant complies with the relevant obligation;
  • visiting the Market Participant on-site and asking the Market Participant to practically demonstrate its compliance with the relevant obligation; and
  • assessing the number of breaches by a Market Participant of the relevant obligation during the assessment period (i.e. the period of the targeted review).

As the ERA only took over this function on 1 July 2016, it is currently preparing a program of targeted compliance reviews that it will carry out over the year.